POSSIBILITY UPDATE | GBPNZD

Enjoying a 176pips profit run on our last speculation on this pair. See below plan for a counter-trend possibility as price action goes through what appears to be a correction move;

Tendency: Temporary Downtrend ( Bearish )
Structure: Harmonic | AB = CD
Observation: i. Impulse A-to-B to be in harmony with the B-to-C leg.
ii. The B- to-C leg is at 61.8% Fibonacci retracement of the A-to-B leg.
iii. Price completes correction of AB leg at 1.99800 zone to form the point C.
iv. The C-to-D leg is a 127.2% Fib. ext. of the A-to-B move which is also equal to the A-to-B leg in distance.
v. Price action rejects 2.01500/2.01800 zone to form a resistance.
Trading plan: SELL with TP1 and TP2 @ 155pips and SL @ 2.02000/2.02500 zone.
Risk/Reward: 1/3
Potential Duration: 2 to 5 days

** Please note that Stop Loss is subject to individual risk appetite per trade and account size.

Watch this space for updates as price action is been monitored.


FREE TELEGRAM CHANNEL:
Subscribe @ nirvanaconsorts and get real-time trading tips and updates